Author: Mohamed Reehaan

The 20th People’s Majlis Committee on State-Owned Enterprises drilled into the Maldives medicine shortage crisis on May 5, 2026, summoning the chief executive of State Pharma, the State Trading Organization (STO), Aasandha Company, and the National Social Protection Agency (NSPA) to a single hearing. The committee chair framed the session as a national-interest probe into why basic medicines have grown harder to obtain across the country. Moreover, the testimony exposed a tangled web of regulatory, logistical, and financial fault lines that no single agency currently owns end-to-end. The main takeaway: from July 1, State Pharma — formally the State Pharmaceutical…

The Housing Development Corporation (HDC) has signed on as a partner of the Asia Media Summit 2026, the flagship regional broadcasting forum hosted this year by Public Service Media (PSM). PSM Managing Director Ahmed Shakeeb and HDC’s Acting Director for Corporate Social Responsibility, Hussain Shaheed, formalised the partnership through a signing ceremony. Under the agreement, HDC will host a series of follow-on activities at Kudagiri once the summit concludes. The Asia-Pacific Institute for Broadcasting Development (AIDB) organises the summit annually, and PSM has secured hosting rights for this edition. Shakeeb confirmed that several special activities will run at Kudagiri after…

SME Digital said women entrepreneurs loan support crossed USD 2 million between November 17, 2023 and April 15, 2026. The funding backed women-led businesses through SME Digital schemes and government’s “Fashaa Madhadhu” programme. SME Digital reported support for 128 businesses during the period. Women owned 31 of these businesses. These women-led firms received USD 401,053.02 in financial assistance. The “Fashaa Madhadhu” scheme delivered stronger funding volume. It distributed USD 1.62 million to 97 women entrepreneurs. SME Digital runs the Women Entrepreneurs Financing Scheme. The scheme offers unsecured loans to women business owners. Loan sizes range from USD 1,617,11 to USD…

Land reclamation for the new airport in Milandhoo, Shaviyani Atoll, has wrapped up, marking a key milestone in one of the government’s flagship regional connectivity projects. The Milandhoo airport reclamation project ran for 31 days, with Maldives Airports Company Limited (MACL) executing the dredging works that began on April 3, 2026. President Dr. Mohamed Muizzu confirmed the completion in a social media post on May 4, 2026. Crews reclaimed 21 hectares within the month-long window. An additional 4.9 hectares will join the footprint once tree clearance wraps up, lifting the total project area to 25.9 hectares. The dredging operation moved…

Maldives Islamic Bank (MIB) posted a net profit of USD 7.36 million in the first quarter, up USD 1.18 million on the previous quarter. The Maldives Islamic Bank profit print arrived alongside a sharp expansion of the balance sheet, with total assets rising 11.11% to USD 1.20 billion. MIB Performance Breakdown: Net Profit: USD 7.36 million Total Assets: USD 1.20 billion Customer Deposits: USD 1.00 billion Operating Profit: USD 10.58 million Operating profit climbed USD 3.05 million to reach USD 10.58 million. Customer deposits jumped 12.89% to USD 1.00 billion, a level the bank flagged as clear evidence of growing…

The Maldives Monetary Authority (MMA) has unveiled the inaugural Maldives Financial Sector Award, a new recognition platform designed to honour the contribution of financial institutions to the country’s economic development. The central bank confirmed the launch this week. Moreover, the award programme signals a sharper push by the regulator to convert policy into measurable industry performance. What the Award Recognises The MMA frames the new accolade as a way to celebrate notable achievements across the sector. Specifically, the award acknowledges institutions that have driven the advancement and development of the Maldivian financial system. Furthermore, the central bank sees the programme…

The Maldives Monetary Authority (MMA) has confirmed that the Maldives Financial Expo 2026 will return from June 2 to 4 at Hulhumalé Central Bank. The central bank announced the plans on Monday. Moreover, the three-day showcase positions itself as the must-attend event for financial-sector stakeholders, business leaders, and members of the public tracking the sector’s growth trajectory. A Strategic Window for the Sector The MMA framed the expo as a rollout stage for banks, insurers, and other licensed financial institutions. Specifically, participating firms will use the platform to launch new products, unveil upcoming facilities, and preview pipelines under development. Consequently,…

The Maldives Industrial Fisheries Company (MIFCO) has paid out MVR 78 million to local fishermen during April, marking another strong month for the country’s second-largest economic sector. The MIFCO April tuna payments reflect sustained activity across the skipjack fleet. Moreover, the figures point to a recovering fisheries cycle that has helped lift national export performance in 2026. Total amount disbursed: MVR 78.78 million Fish processed: 4,414 Metric tons Vessels paid: 1,068 Skipjack share: 98.6% April by the Numbers According to the latest MIFCO statistics, the company disbursed exactly MVR 78,778,405 to the fishing community last month. Skipjack tuna dominated the…

President Dr. Mohamed Muizzu has held high-level talks with Sri Lankan Minister of Foreign Affairs, MP Vijitha Herath, to deepen Maldives-Sri Lanka cooperation across environment, tourism, and trade. The two sides framed the discussion as a strategic alignment exercise. Moreover, they signaled clear intent to convert long-standing goodwill into measurable economic outcomes. Courtesy Call Anchors a Strategic Agenda Minister Herath paid the courtesy call on the President during the latter’s ongoing state visit to Colombo. President Anura Kumara Dissanayake had extended the formal invitation. Furthermore, the meeting served as a key engagement on the visit’s official itinerary. Three Sectors Anchor…

The Minister of Construction, Housing and Urban Development, Dr. Abdulla Muththalib, has confirmed that the exact start date for physical works on the Chinese-funded Malé road development project remains undecided. He delivered the update during a parliamentary session on Monday. Moreover, he stressed that the groundwork is moving forward steadily despite the lack of a firm timeline. North-Galolhu MP Mohamed Ibrahim raised the question on the floor. In response, Dr. Muththalib confirmed that feasibility studies have already wrapped up. Furthermore, the ministry has selected the survey and design teams. Survey Teams Arrive Within the Month The minister noted that the…